Marchex, Inc. Message Board

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Non-Tech : Marchex, Inc.

MCHX 1.767

+1.6%

Jan 9 9:30 AM EST

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To: playavermont who started this subject	8/8/2004 3:48:40 PM
From: playavermont	of 159

Marchex reported 2nd quarter earnings. $8.9 Million in Revenue. Up 17% sequentially. Not bad. They should have $44 Million +/- in Revenue in 2004 based upon this report and the recent acquisition of Goclick. More importantly these guys could probably generate in the neighborhood of $60 to $65 Million in 2005 based upon the current three operating segments. Operating margins for full year 2005 could be in the 12% to 15% range. That would give them a range of $7.2 Million to $9.75 Million in operating earnings in '05. They have roughly 25 Million shares outstanding after the Goclick acquisition. Outstanding options probably total about 2 Million more for a projected total of 27 Million in 2005. Thus, based upon the assumed estimate of $.30 per share in '05, they have a projected P/E of roughly 30 today. About in line with what a company growing at this rate should have. Based on this I would say that $9 is about right for the next couple months. On the other hand, the market is looking like it wants to get sick. The Election, possible economic slowdown, oil and terror all add up to a possible sink in this stock to $5.

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